© Can Stock Photo / Elenathewise© Can Stock Photo / Elenathewise
Chatham

Home sales and home prices continue to rise in CK

The real estate market in Chatham-Kent continues to be red hot, starting off the new year by setting multiple monthly records.

According to the Chatham-Kent Association of Realtors, 105 units were sold last month, a 14.1 per cent increase compared to January 2020. That total also marks a new sale record for the month of January in Chatham-Kent.

While the number of sales went up, the number of homes that hit the market was down compared to the same time last year. There were 91 new residential listings in January, a decrease of 13.3 per cent from January 2020.

By the end of the month, there were just 59 active residential unit listings, 60.1 per cent less than the end of January 2020. That also marks the lowest active listings for the month of January in more than three decades.

"Home sales have started off on a very strong foot in 2021," said Laura Tourangeau, President of the Chatham-Kent Association of Realtors. "Demand for properties bounced back very quickly in the second half of 2020 and that strength has continued into 2021. New listings have struggled to keep up with demand, and we will need to see how many come onto the market in the spring. With levels of supply at all-time lows buyers have needed to compete to get the properties they want, and that has resulted in significant price gains."

A new record was also set locally for the average price of the homes that were sold. In January 2021, the dollar value of all homes sold totaled $36.8 million, a significant gain of 62.5 per cent from January 2020 and a new record for the month of January in Chatham-Kent.

The average price of homes sold in January 2021 hit a record $350,452, up from 42.4 per cent from January 2020.

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